(i.) the journal entries for these transactions (dated and formatted correctly), (ii.) the T-accounts for all of the accounts involved (with final balances of each account indicated), and, (ii) the final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that TrojanCorp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the customers sign an invoice for $20k. 7) January 1: The customer from the April 15 sale pays off half of their account. 8) January 15: Corp pays out an $8k Dividend to Devon.
(i.) the journal entries for these transactions (dated and formatted correctly), (ii.) the T-accounts for all of the accounts involved (with final balances of each account indicated), and, (ii) the final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that TrojanCorp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the customers sign an invoice for $20k. 7) January 1: The customer from the April 15 sale pays off half of their account. 8) January 15: Corp pays out an $8k Dividend to Devon.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College